Parsvnath Developers leases 74,000 sq ft office space to Facebook & WHO

Parsvnath Developers leases 74,000 sq ft office space to Facebook & WHO
Aug 2017 , by , in Latest News

Real Estate firm Parsvnath Developers, which is facing probe by Sebi in suspected shell companies,  has leased about 74,000 sq ft office space to the World Health Organisation and Facebook India in central Delhi. WHO has taken about 50,700 sq ft of office space for its headquarter on lease while Facebook India has taken 23,000 sq ft area.

Parsvnath has completed the first phase of its commercial project at Gole Market comprising 2.26 lakh sq ft of office space. The construction work on the second phase with 1.3 lakh sq ft will be delivered by December this year.

Parsvnath Chairman Pradeep Jain told PTI, “We have leased the remaining 74,000 sq ft of office space to the WHO and Facebook India Online Service Pvt Ltd in our commercial complex at Bhai Veer Singh Marg near Gole Market. Now, the first phase is fully leased out.”

Jain said the company will earn an overall rent income of Rs 83 crore from the first phase of this project, comprising 2.26 lakh sq ft of office space.

Earlier, the company had leased space to Aditya Birla, Thomson Reuters, Indiabulls, SBI, ICCI Prudential, Axis Bank, Regus, Loreal and Cafe Coffee Day Express in the first phase.

Jain said the company is now constructing the second phase of this commercial complex ‘Parsvnath Tower’ comprising 1.3 lakh sq ft and the work will be completed by year end.

With commercial real estate business doing better than the residential segment, Jain said the company is developing another commercial building on KG Marg in central Delhi and is targeting to complete this project in 2017 itself.

Parsvnath Developers is among the companies facing probe by Sebi in suspected shell companies. On August 11, the Securities Appellate Tribunal (SAT) lifted Sebi’s restrictions on trading in shares of Parsvnath Developers.

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